Response to the Public Accounts Committee report on the Regional Growth Fund

This news article was published under
the 2010 to 2015 Conservative and Liberal Democrat coalition government

Local Growth Minister Kris Hopkins responds to the Public Accounts Committee Report.

These are old figures. Money is getting to local projects and making a real difference on the ground. The coalition government’s long-term economic plan has got Britain building again and kick started local infrastructure, created jobs, and stimulated growth.

Britain’s economy is growing and more people are in work today than ever before. Not only have we rebalanced the books, but we’ve created more jobs and growth outside of London.

The Regional Growth Fund is working – over £1.2 billion has been paid to projects and companies across England – helping businesses create thousands of jobs up and down the country. We’ve sped up the process - companies get the money when they need it and after all the necessary checks have been carried out. Anything else would be irresponsible and a waste of taxpayers’ money.

Local enterprise partnerships and enterprise zones are proving their worth. Designed and run locally, in contrast to the distant and unwieldy Regional Development Agencies, they are accountable through the elected council that co-chairs them.

Enterprise zones have harnessed government funding to secure £1.2 billion of private sector investment and to create more than 9,000 local jobs. £652 million of Growing Places funding has been allocated to 305 projects that will create 4,900 businesses, 94,000 jobs and 27,000 houses.